Vermont Statutes Title 32 Sec. 4608
Terms Used In Vermont Statutes Title 32 Sec. 4608
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
§ 4608. Resident ownership ratio
(a) The board of listers of each town or city shall report annually to the Director:
(1) the value as appears in the grand list of all taxable real property in the town or city; and
(2) the value as appears in the grand list of all such taxable property in the town or city, classified according to the use of the property and, within each use category, further classified as owned by one of the following:
(A) resident of the town or city;
(B) resident of the State but not of the town or city;
(C) individual domiciled outside the State; or
(D) corporation, partnership, or other entity.
(b) The reports shall be made on forms provided by the Director, and annually on October 1 or as soon thereafter as may be practical, the Director shall on the basis of available data compute the percentage at fair market value of all taxable property in the State and in each town or city, and the percentage of each use category of taxable property in the State and in each town or city, that is owned by residents of the town or city, other residents of the State, individuals domiciled outside the State, and corporations, partnerships, and other entities.
(c) All such reports and computations shall be classified as public information, except that the Director is authorized and directed to make reasonable charges for any documentation of such information to persons requesting the same, other than agencies of government, State or local.
(d) The Director shall consult with local listers and establish the date or dates, in any or all cases, when such reports shall be made to him or her by local officials in each year, having regard to resources of manpower and personnel available to him or her and to local officials, and he or she shall have power to alter or extend such due dates if such is reasonably necessary.
(e) “Resident” means those individuals who, to the best knowledge of the listers, are legal residents of the town, city, or State, as the case may be, on April 1. (Added 1975, No. 92, § 1, eff. April 30, 1975; amended 1977, No. 105, § 14(a), eff. July 1, 1977; 1991, No. 3, § 1, eff. March 6, 1991; 1991, No. 186 (Adj. Sess.), § 36, eff. May 7, 1992.)